Long-awaited Foreign Trade Policy likely to be announced by March end

ENA Economy 2023-03-16 16:55:31 New Delhi, Mar 16 (KNN) Indias Foreign Trade Policy whose revision has been pending for three years is expected to be announced by the end of this month, Commerce Secretary Sunil Barthwal told the media on Wednesday. The Foreign Trade Policy 2015-20 was extended by six more months till March 31, 2023 last September when the Commerce Ministry had planned to announce a new trade policy but abandoned those plans. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> During these six months, we have looked at various aspects of that policy and undertaken a visioning exercise, keeping our aspirations to achieve USD 1 trillion of merchandise and services exports each, Barthwal said. So within that framework, we have worked out the Foreign Trade Policy and we are expecting that it would be released by the end of the month, he added. He credited the efforts steered by Commerce and Industry Minister Piyush Goyal to contain unnecessary imports for the decline in Indias goods import bill in the last couple of months. Barthwal further informed that the ministry is working with all ministries and have shared the import figures for each product to examine if they are essential and non-essential imports. If a generic drug needs an active pharmaceutical ingredient from China, it is essential, Barthwal said, adding that it is also being examined if there is adequate domestic manufacturing capacity to substitute imports. He however said that it will depend on the global supply chain links too. Price differential also has to be seen, he said, adding that the ministries have been urged to discourage imports where possible once they analyse their necessity. (KNN Bureau) 32656 https://knnindia.co.in/news/newsdetails/economy/long-awaited-foreign-trade-policy-likely-to-be-announced-by-march-end 2023-03-16 16:55:31 knnindia.co.in Long-awaited Foreign Trade Policy likely to be announced by March end